The transition to new management within a business must happen eventually as older members retire or become unable to lead the company any longer. While succession is a common practice in the business world, it is necessary for there to be extensive planning so that no potential liabilities can arise and harm the business as well as it’s employees. With the assistance of a qualified legal attorney, you can ensure that your succession plan is legally sound and will work in the ways you intend it to.
The demands of daily operational needs make it easy to push long-term planning aside. However, failing to plan for the future can be detrimental to the business you worked so hard to establish.
At HCWD, PLLC we assist family and closely held businesses in the Woodlands and throughout Texas with business succession planning. Our lawyers have decades of experience helping owners create plans that protect the integrity of their operations and maximize opportunities for success.
Protecting Your Business Through Comprehensive Planning
A strong succession plan for your business helps ensure that your goals are carried out even after a successor takes over. Our attorneys will walk you through various succession planning models to find a solution that fulfills the goals of your business. To ensure that your succession plan is well-rounded, we can assist you in establishing:
A plan for management succession: We will work with you to determine the right candidate to manage daily operational needs.
An ownership plan: Our lawyers will assist you in determining the right person or people to play an ownership role in your business.
A transition plan: How to transfer ownership of a business depends on numerous factors that are unique to each operation. We will assess your situation and assist you in determining whether creating a buy-sell agreement, gifting the business or taking another route is best for you.
An effective succession plan establishes your goals and maximizes the potential for them to be realized. Before we begin to lay out a plan, we will take the time to understand your business plan and your goals.
Joseph Centrich has experience dealing with succession planning transferring a business interest from one generation to another. If you are in the Woodlands, Conroe or the Houston area and need to discuss succession planning, contact HCWD, PLLC to speak personally with a business law attorney.